How much must be deposited today into the following account in order to have a $115,000 college fund in 15 years? Assume no additional deposits are made. An account with quarterly compounding and an APR of 5.97% $ should be deposited today. (Do not round until the final answer. Then round to the nearest cent as needed.)

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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How much must be deposited today into the following account in order to have a $115,000 college fund in 15 years?
Assume no additional deposits are made.
An account with quarterly compounding and an APR of 5.97%
$ should be deposited today.
(Do not round until the final answer. Then round to the nearest cent as needed.)
Transcribed Image Text:How much must be deposited today into the following account in order to have a $115,000 college fund in 15 years? Assume no additional deposits are made. An account with quarterly compounding and an APR of 5.97% $ should be deposited today. (Do not round until the final answer. Then round to the nearest cent as needed.)
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